SPX Credit Spread Trader

Not to get too off topic...but the NDX is at the bottom of the oversold oscillator and beginning to turn up. going to start by legging into a debt spread at 1650/1675 then if/when oscillator goes into pos territory will condor/B-fly it by credit spread. (June)
 
Quote from Aardvark:

Rallymode I read your answer to Andy and I think he and all of us understand what you are saying. However what is the difference between "gut" feel and trusting your "sense"? Isn't discretionary trading the ability to "sense" something in the market that allows you to change or initiate a position you might not otherwise put on or do using only mechanical means?
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Well yes and no. I wouldnt necessarily differentiate between the two but since you did, the way i see it it's a gut feeling if it isnt backed up by experience with a situation which only comes after a period of time trying the same thing over and over. It's trusting your sense when you've done it long enough and you know what the outcome is likely to be. Now you are not always going to be right, you never can be but that's not the point.

I think that discretion can be a very powerful thing for a trader when used later in his career rather than when he/she is starting out.
 
Quote from rallymode:

Well yes and no. I wouldnt necessarily differentiate between the two but since you did, the way i see it it's a gut feeling if it isnt backed up by experience with a situation which only comes after a period of time trying the same thing over and over. It's trusting your sense when you've done it long enough and you know what the outcome is likely to be. Now you are not always going to be right, you never can be but that's not the point.

I think that discretion can be a very powerful thing for a trader when used later in his career rather than when he/she is starting out.
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OK ...good answer:)
 
Quote from Aardvark:

Not to get too off topic...but the NDX is at the bottom of the oversold oscillator and beginning to turn up. going to start by legging into a debt spread at 1650/1675 then if/when oscillator goes into pos territory will condor/B-fly it by credit spread. (June)
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I hear you Aardvark! Was looking to sell a put vertical on MNX yesterday, but the trade got away from me.
 
Quote from MTE:

I hear you Aardvark! Was looking to sell a put vertical on MNX yesterday, but the trade got away from me.
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got filled...but right now not looking too good! I'm used to the market fading my plays tho:p
 
Quote from momoneythansens:

LMAO. Just been listening for first time. Too weird putting a voice to the name. I'm seeing Phil in a whole new light LOL. It's all good :D
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i felt the same way when i listened to an archived show. Phil, you tend to drag on alot which is a good thing since your audience is new to options :)
 
Also when people are listening, they cannot visualize the positions I am discussing or strikes and prices so I make sure everyone is following along... but if dragging on is the worst I will take it :D


Also do not forget I am sitting in a room talking to myself pretty much lol...

Quote from rallymode:

i felt the same way when i listened to an archived show. Phil, you tend to drag on alot which is a good thing since your audience is new to options :)
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